Customer Concentration Risk Analysis Report of Bangze Chuangke

Based on the information I have collected, let me provide you with a detailed analysis.

Guangdong Bangze Chuangke Electric Co., Ltd. successfully passed the listing review on the Beijing Stock Exchange (BSE) on January 8, 2026. It primarily engages in office electrical appliances and household electrical appliances businesses, with overseas sales accounting for over 95% of total revenue [1]. The company’s main products include paper shredders, laminators, vacuum sealers, etc., and its robotics business generated approximately RMB 120 million in revenue.

According to public information, Bangze Chuangke has

:

• The sales share of the company’s top five customers
  exceeds 88%
  [2], which is an extremely high level among manufacturing enterprises
• Its largest customer
  China Power International
  accounts for
  over 50%
  of annual sales [3]

Customer Type	Major Customers	Business Model
ODM Customers	Amazon, Walmart, Office Depot, Staples	ODM Manufacturing
Supermarket Customers	LIDL, ALDI and other European chain supermarkets	Brand Supply
E-commerce Platforms	Amazon E-commerce, Walmart E-commerce	Private Label Sales

1. Excessively High Revenue Dependency
   • The largest customer accounts for over 50% of sales, indicating extremely high dependency on a single customer
   • If China Power International cuts orders or terminates cooperation, it will have a significant impact on the company

2. Limited Bargaining Power
   • High reliance on a small number of customers puts the company in a weak position in price negotiations
   • Customers may suppress purchase prices or raise service requirements

3. Risk of Cooperation Termination
   • Customer churn or switching to other suppliers will directly affect the company’s performance
   • Deterioration of customers’ operating conditions will also impact the company’s revenue

1. High-quality Customers
   • Major customers are internationally renowned enterprises such as Amazon and Walmart
   • They have high credit ratings and strong payment capabilities

2. Stable Cooperative Relationships
   • The company has established long-term and stable cooperative relationships with major ODM customers
   • It enhances customer stickiness by providing localized after-sales technical support

For manufacturing enterprises, a customer concentration ratio exceeding 50% is generally regarded as a

. Comparing with peer companies in the same industry:

• The sales share of top five customers for most manufacturing enterprises ranges from 30% to 50%
• A concentration ratio exceeding 70% is already a risk area requiring focused attention

Based on the analysis results, Bangze Chuangke’s major customer concentration is indeed

, with the following risks:

1. Major Operational Risk
   : The largest customer accounts for over 50% of sales, far exceeding the reasonable industry level
2. Performance Volatility Risk
   : Any changes from customers will have a significant impact on the company
3. Growth Restriction Risk
   : Over-reliance on a small number of customers limits the company’s expansion space

• Investors need to pay close attention to customer concentration risk
• It is recommended that the company accelerate the pace of customer diversification
• Focus on tracking the stability of cooperation with major customers and changes in orders

[1] Securities Times - “Two Companies Pass Listing Review at the Start of the Year, BSE IPO Review Speed Up Again” (https://www.stcn.com/article/detail/3585438.html)
[2] Eastmoney.com - Prospectus of Bangze Chuangke (https://pdf.dfcfw.com/pdf/H2_AN202506131690254583_1.pdf)
[3] Eastmoney.com - Customer Structure Data of Bangze Chuangke (https://gbres.dfcfw.com/Files/iimage/20251019/41063514F25669170E3632BA0AEA90CF_w396h656.png)